Mike Tyson Sues Ex-Planner For $5 Million
The former heavyweight champion is suing planner
“They feel betrayed in the worst possible way by their financial advisors,” one of Tyson’s lawyers,
Live Nation spokeswoman
Ourand did not return phone calls seeking comment.
SFX Financial compliance officer and part-owner
The trouble began in 2011, the suit alleges, when the Tysons discovered that SFX had replaced Ourand with Mason. The Tysons, the suit says, had grown close to Ourand and trusted him. They invited him to their wedding and gave him full authority over their accounts, with the power to write checks, it says.
Only when the Tysons inquired as to why Live Nation had replaced him did the firm disclose that he had stolen
“SFX/Live Nation did not provide an accounting of the funds to the Tysons, but instead demanded the Tysons blindly trust them regarding what they represented the purported loss to be,” the complaint says. Although the firm wired the Tysons an undisclosed sum of money in compensation, the complaint alleges that it was not sufficient.
The complaint further alleges that Live Nation tried to circumvent the Tysons’ lawyers and convince the former pugilist and his wife to sign an agreement that would have waived their right to sue or discuss the case.
The suit claims this theft has caused the Tysons damages in excess of
The couple had retained the firm to help them conclude a decade-old bankruptcy proceeding that had capped Tyson’s ability to earn income and forced him to decline lucrative contracts, the complaint alleges.
“By April of 2011,” according to the complaint, “the Tysons were growing increasingly frustrated with the pace of the bankruptcy proceeding. Income that the Tysons were permitted to retain was inexplicably not being used by SFX/Live Nation to effectuate a closure of the bankruptcy.”
While “Ourand was embezzling funds from the Tysons,” it continues, “he was making false statements to the Tysons’ legal advisors making closure of the bankruptcy more difficult and causing the Tysons to incur hundreds of thousands of dollars in legal fees.”
In recent years, Tyson has burnished his once tattered reputation with a cameo in the hit film “The Hangover” and his one-man show autobiographical show “Mike Tyson: Undisputed Truth,” which
News of the suit lit up
|Copyright:||(c) 2013 Financial Planning. All rights Reserved.|
|Source:||Source Media, Inc.|